Investor: Tye Bousada & Geoff MacDonald
Number of Assets: 40
Reporting Period: Q4 - 2025
Holdings at Report: $12,176,546,728
Return Since Report: -$732,418,995
Return Since Report: -6.01%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Algonquin Power & Utilities Corp. (AQN) | Equity | +32.56% | 81,727,385 | 4.13% | $6.15 | $6.14 | $502,563,259 | $501,397,507 | -$1,165,752 | -0.23% |
| Ametek Inc. (AME) | Equity | -0.42% | 2,918,944 | 4.92% | $205.31 | $214.69 | $599,288,393 | $626,668,087 | +$27,379,694 | +4.57% |
| Applied Materials Inc. (AMAT) | Equity | -52.44% | 2,291,514 | 4.84% | $256.99 | $341.79 | $588,896,183 | $783,216,570 | +$194,320,387 | +33.00% |
| Ats Corp. (ATS) | Equity | +7.95% | 6,888,785 | 1.56% | $27.55 | $28.20 | $189,771,064 | $194,263,737 | +$4,492,673 | +2.37% |
| Brookfield Corp. (BN) | Equity | -48.88% | 277,038 | 0.10% | $45.92 | $40.47 | $12,720,331 | $11,210,343 | -$1,509,988 | -11.87% |
| Cogent Communications Holdings Inc. (CCOI) | Equity | +0.07% | 2,283,378 | 0.40% | $21.56 | $18.84 | $49,229,630 | $43,018,842 | -$6,210,788 | -12.62% |
| Dollar Tree Inc. (DLTR) | Equity | -22.30% | 8,654,878 | 8.74% | $123.01 | $109.54 | $1,064,636,543 | $948,055,336 | -$116,581,207 | -10.95% |
| Echostar Corp. (SATS) | Equity | 0% | 4,210 | 0.00% | $108.70 | $117.24 | $457,627 | $493,580 | +$35,953 | +7.86% |
| Franco-Nevada Corp. (FNV) | Equity | -5.45% | 3,351,002 | 5.70% | $207.29 | $247.18 | $694,628,996 | $828,300,674 | +$133,671,678 | +19.24% |
| Gentex Corp. (GNTX) | Equity | -27.57% | 190,500 | 0.04% | $23.27 | $21.94 | $4,432,935 | $4,178,618 | -$254,318 | -5.74% |
| Gildan Activewear Inc. (GIL) | Equity | -22.73% | 962,314 | 0.49% | $62.51 | $57.25 | $60,149,796 | $55,092,477 | -$5,057,320 | -8.41% |
| Gitlab Inc. (GTLB) | Equity | +100% | 7,232 | 0.00% | $37.53 | $21.64 | $271,417 | $156,464 | -$114,953 | -42.35% |
| Hudbay Minerals Inc. (HBM) | Equity | -38.87% | 3,193,806 | 0.52% | $19.85 | $20.91 | $63,409,704 | $66,766,514 | +$3,356,810 | +5.29% |
| International Flavors & Fragrances Inc. (IFF) | Equity | 0% | 54,295 | 0.03% | $67.39 | $62.52 | $3,658,940 | $3,394,523 | -$264,417 | -7.23% |
| Jones Lang Lasalle Inc. (JLL) | Equity | 0% | 2,109,560 | 5.83% | $336.47 | $304.65 | $709,803,653 | $642,677,454 | -$67,126,199 | -9.46% |
| Lifezone Metals Limited | Equity | +32.43% | 37,659 | 0.00% | $4.27 | $0.00 | $160,804 | $0 | -$160,804 | -100% |
| Linc.Oln Electric Holdings Inc. (LECO) | Equity | -99.81% | 1,464 | 0.00% | $239.64 | $249.08 | $350,833 | $364,653 | +$13,820 | +3.94% |
| LKQ Corp. (LKQ) | Equity | 0% | 5,647,307 | 1.40% | $30.20 | $29.35 | $170,548,671 | $165,748,460 | -$4,800,211 | -2.81% |
| Lyft Inc. (LYFT) | Equity | 0% | 16,466 | 0.00% | $19.37 | $13.37 | $318,946 | $220,150 | -$98,796 | -30.98% |
| Mattel Inc. (MAT) | Equity | +6.00% | 47,341,242 | 7.71% | $19.84 | $14.59 | $939,250,241 | $690,472,015 | -$248,778,226 | -26.49% |
| National Energy Services Reunited Corp. (NESR) | Equity | 0% | 89,999 | 0.01% | $15.66 | $21.43 | $1,409,384 | $1,928,679 | +$519,295 | +36.85% |
| Norfolk Southern Corp. (NSC) | Equity | -35.88% | 9,831 | 0.02% | $288.72 | $286.93 | $2,838,406 | $2,820,809 | -$17,597 | -0.62% |
| Nu Holdings Ltd. (NU) | Equity | +25.34% | 17,012 | 0.00% | $16.74 | $14.39 | $284,781 | $244,803 | -$39,978 | -14.04% |
| OR Royalties INC | Equity | -8.86% | 21,542,629 | 6.27% | $35.42 | $0.00 | $763,122,647 | $0 | -$763,122,647 | -100% |
| Parker-Hannifin Corp. (PH) | Equity | -15.75% | 337 | 0.00% | $878.96 | $892.78 | $296,210 | $300,865 | +$4,655 | +1.57% |
| PG&E Corp. (PCG) | Equity | 0% | 26,900 | 0.00% | $16.07 | $17.56 | $432,283 | $472,230 | +$39,947 | +9.24% |
| Quest Diagnostics Inc. (DGX) | Equity | +95.48% | 1,661,072 | 2.37% | $173.53 | $196.05 | $288,245,824 | $325,653,166 | +$37,407,342 | +12.98% |
| Rambus Inc. (RMBS) | Equity | -47.57% | 1,406,686 | 1.06% | $91.89 | $86.21 | $129,260,377 | $121,263,367 | -$7,997,010 | -6.19% |
| Rb Global Inc. (RBA) | Equity | +11.94% | 7,701,648 | 6.51% | $102.96 | $95.85 | $792,934,378 | $738,202,961 | -$54,731,417 | -6.90% |
| Restaurant Brands International Inc. (QSR) | Equity | +11.69% | 16,645,003 | 9.33% | $68.24 | $73.95 | $1,135,844,075 | $1,230,814,747 | +$94,970,672 | +8.36% |
| Revvity Inc. (RVTY) | Equity | -0.45% | 8,535,659 | 6.78% | $96.75 | $87.63 | $825,825,008 | $747,979,798 | -$77,845,210 | -9.43% |
| Ross Stores Inc. (ROST) | Equity | -0.31% | 4,387,077 | 6.49% | $180.14 | $216.49 | $790,288,051 | $949,758,300 | +$159,470,249 | +20.18% |
| SLM Corp. (SLM) | Equity | +100% | 1,706,648 | 0.38% | $27.06 | $21.53 | $46,181,895 | $36,744,131 | -$9,437,764 | -20.44% |
| Solitario Resources Corp. (XPL) | Equity | 0% | 7,272,727 | 0.04% | $0.70 | $0.83 | $5,067,636 | $6,036,363 | +$968,727 | +19.12% |
| Talon CAP corp | Equity | 0% | 1,000,000 | 0.08% | $10.29 | N/A | $10,290,000 | N/A | N/A | N/A |
| Te Connectivity PLC (TEL) | Equity | -78.71% | 428,500 | 0.80% | $227.51 | $208.99 | $97,488,035 | $89,550,073 | -$7,937,963 | -8.14% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -0.25% | 1,385,149 | 6.59% | $579.45 | $492.01 | $802,624,588 | $681,500,234 | -$121,124,354 | -15.09% |
| Tucows Inc. (TCX) | Equity | 0% | 2,118,575 | 0.39% | $22.15 | $18.14 | $46,924,333 | $38,430,951 | -$8,493,383 | -18.10% |
| Twist Bioscience Corp. (TWST) | Equity | +31.74% | 5,377,991 | 1.40% | $31.72 | $47.52 | $170,589,875 | $255,562,132 | +$84,972,257 | +49.81% |
| Union Pacific Corp. (UNP) | Equity | +53.07% | 2,645,906 | 5.03% | $231.32 | $242.22 | $612,050,976 | $640,878,122 | +$28,827,146 | +4.71% |